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Posts posted by Moller.Dance

  1. For example, assume you enter into a loan agreement with the company for a total of $10,000 to be paid back over 3 years with an interest rate of 8%. You make payments on the loan with interest for a year and then the company tells you that you can stop paying back the loan, that the rest of loan money is yours to keep. If this happens, the balance on the loan will need to be recorded as income in the same tax year.

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